Oil & Gas

A North American company is preparing to drill two wells that could be crucial for a new phase of European energy. In the past, Germany abandoned proven oil and gas resources and successful wells, as it heavily relied on Russian energy. However, with the changing geopolitical situation, Germany is now looking to develop its own resources.

MCF Energy, led by CEO James Hill, is planning to drill its first two wells in Austria and Germany. The company is moving forward with two discovered gas fields, exploration prospects using 3D seismic, and new machine-learning and AI techniques to identify significant potential gas-bearing structures.

 Mr. Hill, a veteran explorer with experience in conventional and shale discoveries in the U.S. and Europe, including the development of a large onshore field in Albania interviwed by.They discussed:

• MCF Energy’s recent acquisition of a private German company, which came with over a dozen high-potential prospects at a time when Germany is seeking its own natural resources.
• The company's plan to re-enter a large well drilled by Mobil in the 1980s, which tested at a flow rate of over 24 million cubic feet per day (MMCFD) of natural gas.
• The use of new technology, including AI, to unlock oil and gas in Germany and Austria.
• The implications for the energy industry in Europe as it seeks to reduce its dependency on Russian energy.

Mr. Hill highlighted that Europe's efforts to replace Russian oil and gas have led to a shift in the regulatory and price environment, creating ideal conditions for exploration and production companies. He emphasized the potential in Germany and Austria, where MCF Energy is focusing its efforts on promising prospects.

In Austria, MCF Energy is targeting the Welchau prospect, a large anticline structure with proven hydrocarbons. The company estimates a potential of 580 billion cubic feet of gas and 10 million barrels of oil, with the possibility of even larger reserves.

In Germany, MCF Energy acquired assets from Genexco, including the Reudnitz field and the Lech concession. The company is particularly excited about the Lech concession, where it plans to re-enter the Kinsau #1 well, which previously tested at a flow rate of over 24 MMCFD of natural gas.

Overall, MCF Energy sees itself as a first mover in Europe's energy transition, aiming to supply a portion of the energy needed for the continent's future while contributing to the development of cleaner energy sources.